AM Batteries (AMB), a manufacturer of li-ion battery electrodes, announced the close of its $25 million Series A financing round. Anzu Partners led the oversubscribed funding round, with participation from TDK Ventures, Foothill Ventures, Toyota Ventures, Zeon Ventures, SAIC Capital, VinFast, Doral Energy-Tech Ventures, and Creative Ventures.
Founded in 2016, AM Batteries is an Acton headquartered company focusing on dry-electrode manufacturing for lithium-ion batteries.
AMB’s dry electrode manufacturing technology allows for the coating of lithium-ion battery electrodes using an electrostatic spray deposition technique by which the cathode and anode active materials are electrostatically charged and deposited onto metal foil current collectors, which are then processed to their final state.
This latest funding round will allow AMB to expand its team and accelerate its commercialization efforts, advance its roll-to-roll manufacturing pilot line, and extend its dry-electrode manufacturing platform to new battery chemistries and technologies like solid-state batteries.
“The demand for lithium-ion batteries has never been higher. One of the fundamental problems for battery manufacturers today in consumer electronics, large-scale energy storage, and EV markets is refining manufacturing techniques to remove the toxic solvents used in the ‘wet-coating’ of electrodes. The progress we have made at AMB is a major step forward in solving this problem,” said Yan Wang, AMB Co-founder and CEO.
According to the company, their technology can enable an order of magnitude reduction in both factory footprint and energy consumption for electrode manufacturing when implemented at scale.
“In the wake of the Biden Administration’s Inflation Reduction Act’s support of localizing battery production with a $35/kWh credit for U.S.-based battery manufacturing, and the state of California’s plan to ban all gasoline vehicles by 2035, advancements in the production of lithium-ion batteries, such as what AMB is achieving, are not only critical but a huge, green step forward,” said Anil Achyuta, Investment Director at TDK Ventures, who serves on the Board of AMB.
According to Mercom’s 9M And Q3 2022 Funding and M&A Report for Storage, Grid & Efficiency. VC funding in Energy Storage in 9M 2022 fell by over 44%, with $4 billion in 73 deals compared to $7.2 billion in 60 deals in 9M 2021.
This week, Anthro Energy, an advanced battery technology company, announced the closing of an oversubscribed $7.2 million seed funding round co-led by Union Square Ventures and Energy Revolution Ventures.